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The Entrepreneurial Engineer by John R. Callister, Michael B. Timmons

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7 Financial Accounting

I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.

Elvis Presley

7.0 Entrepreneur’s Diary

It seems as if addition, subtraction, multiplication, and division should be fairly simple. It is, until you want to apply it to accounting and do your tax calculations! There are many ramifications resulting from your choice of corporate structure on how you end up paying taxes. For example, who in their right mind would choose to pay taxes twice on profits you make from your company? Well, if you choose a C-Corp for your company structure, that’s just what you’ll be doing! But sometimes a C-Corp is the best choice, and you might ask why. I think my accountant was probably the ...

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